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T1 Energy cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$131M in Q2 2026 · −$185M over twelve months

Operating cash flow−$30.1M
Capital spending−$101M
Free cash flow−$131M

Analysis

In Q2 2026, T1 Energy generated −$30.1M of operating cash flow and spent $101M on capital projects, leaving free cash flow of −$131M. That is $142M less than in Q2 2025 ($10.6M).

Over the twelve months to Jun 30, 2026, operating cash flow was $3.9M; the largest uses were capital spending ($189M), other investing ($13.6M), taxes on employees’ shares ($3.9M); besides operations, cash came from net borrowing (+) / repaid (−) ($283M), other financing ($28.5M); the cash balance rose by $110M.

Operating cash flow was −$30.1M against net income of −$43.5M. The largest differences: inventory −$99.8M, deferred revenue +$60.4M, payables +$47.9M.

Free cash flow

T1 Energy: free cash flow by quarterT1 Energy: free cash flow by quarter−$34.0MQ3 2024−$46.4MQ4 2024−$74.0MQ1 2025$10.6MQ2 2025$55.0MQ3 2025$25.0MQ4 2025−$134MQ1 2026−$131MQ2 2026
Operating cash flow less capital spending.
T1 Energy: operating cash flow against capital spendingT1 Energy: operating cash flow against capital spendingOperating cash flowCapital spending−$28.4M$5.6MQ3 2024−$30.2M$16.1MQ4 2024−$44.8M$29.1MQ1 2025$33.4M$22.8MQ2 2025$63.9M$8.9MQ3 2025$43.0M$18.0MQ4 2025−$72.9M$60.7MQ1 2026−$30.1M$101MQ2 2026
Latest (Q2 2026): Operating cash flow −$30.1M, Capital spending $101M.

Capital allocation, year by year

T1 Energy: where the cash came from (up) and went (down), by fiscal yearT1 Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$63.1MFY2021: Capital spending −$13.8MFY2021FY2022: Operating cash flow −$90.0MFY2022: Shares issued $251MFY2022: Capital spending −$181MFY2022: Buybacks −$1.1M$251MFY2022FY2023: Operating cash flow −$87.9MFY2023: Capital spending −$188MFY2023FY2024: Operating cash flow −$103MFY2024: Capital spending −$50.8MFY2024: Acquisitions −$110MFY2024FY2025: Operating cash flow $95.5MFY2025: Net borrowing −$130MFY2025: Asset sales $50.0MFY2025: Capital spending −$78.8M$145MFY2025
Over these 5 years operating cash flow totalled −$248M; the largest uses were capital spending ($512M) and operating cash flow ($344M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$79.1M
Debt$550M
Net debt$471M
Due within a year$46.4M
Cash runway2 months

T1 Energy is burning cash: its operations consume cash, a free cash flow of −$525M a year at the current rate against $79.1M of cash and investments: a runway of about 2 months; $46.4M of debt also comes due within a year, which would need refinancing or new money before any new financing.

T1 Energy: debt maturities by year (FY2025)T1 Energy: debt maturities by year (FY2025)$46.4MYear 1$51.6MYear 2$72.0MYear 3$87.2MYear 4$161MYear 5
Principal due in each year as disclosed in the annual report, against $79.1M of cash and investments now.

Where the cash came from and went

T1 Energy: sources (+) and uses (−) of cash, Q2 2026T1 Energy: sources (+) and uses (−) of cash, Q2 2026Other financing$178MCapital spending−$101MCash drawn (+) / kept (−)−$32.8MOperating cash flow−$30.1MOther investing−$8.6MNet borrowing (+) / repaid (−)−$5.1MExchange rates−$117K
T1 Energy: sources (+) and uses (−) of cash, TTM to Q2 2026T1 Energy: sources (+) and uses (−) of cash, TTM to Q2 2026Net borrowing (+) / repaid (−)$283MCapital spending−$189MCash drawn (+) / kept (−)−$110MOther financing$28.5MOther investing−$13.6MTaxes on employees’ shares−$3.9MOperating cash flow$3.9MExchange rates$495K

From profit to cash

T1 Energy: net income to operating cash flow, Q2 2026T1 Energy: net income to operating cash flow, Q2 2026Net income−$43.5MDepreciation & amortization$25.0MStock-based pay$5.8MDeferred taxes$302KOther non-cash−$69KReceivables$1.4MInventory−$99.8MPayables$47.9MDeferred revenue$60.4MPrepaid and other assets−$1.5MOperating cash flow−$30.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026−$30.1M−$101M−$5.1M−$32.8M−$131M
Q1 2026−$72.9M−$60.7M−$13.6M$147M−$134M
Q4 2025$43.0M−$18.0M—−$184M$25.0M
Q3 2025$63.9M−$8.9M−$14.9M−$40.1M$55.0M
Q2 2025$33.4M−$22.8M−$14.9M$4.4M$10.6M
Q1 2025−$44.8M−$29.1M—$25.6M−$74.0M
Q4 2024−$30.2M−$16.1M—$107M−$46.4M
Q3 2024−$28.4M−$5.6M—$37.5M−$34.0M

T1 Energy: income statement and cash flow

T1 Energy, Q2 2026: revenue $250M (+88% year over year), operating margin -9.1%. The chart follows the revenue to costs, profit and cash.

T1 Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.